diff --git a/package.json b/package.json
index 4ff6158..3ac117c 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prismatic-io/prism",
-  "version": "7.0.2",
+  "version": "7.0.3",
   "description": "Build, deploy, and support integrations in Prismatic from the comfort of your command line",
   "keywords": ["prismatic", "cli"],
   "homepage": "https://prismatic.io",
diff --git a/src/commands/components/init/formats.ts b/src/commands/components/init/formats.ts
index c930902..d51e865 100644
--- a/src/commands/components/init/formats.ts
+++ b/src/commands/components/init/formats.ts
@@ -66,11 +66,11 @@ export default class GenerateFormatsCommand extends Command {
         "@prismatic-io/spectral": "*",
       },
       devDependencies: {
-        "@prismatic-io/eslint-config-spectral": "2.0.1",
-        "@types/jest": "25.2.3",
+        "@prismatic-io/eslint-config-spectral": "2.0.2",
+        "@types/jest": "29.5.12",
         "copy-webpack-plugin": "10.2.4",
-        jest: "26.6.3",
-        "ts-jest": "26.4.0",
+        jest: "29.7.0",
+        "ts-jest": "29.2.4",
         "ts-loader": "9.3.0",
         typescript: "5.5.3",
         webpack: "5.72.0",